Alpha, you're a bit more bullish on the resources boom than me....

Alpha, you're a bit more bullish on the resources boom than me. A CEC press release yesterday gave a bunch of economic indicators, from which I quote:

Trade in raw materials has declined dramatically. Freight transport rates for solid goods—i.e., grains, ores, and coal—have declined by 90% over the past three months. The Baltic Dry Index, which measures freight costs per vessel, has fallen by 92% since the beginning of this year.

The China International Capital Corporation Limited reports that orders for new ships have declined by 66% worldwide.

In the past few weeks, China has not imported a single ton of iron ore.

ArcelorMittal, the world’s biggest steel producer, expects to close 13 of its blast furnaces in Europe during the period of mid-November through the end of January.

More than 60% of China’s steel industry is running at a loss, and many smaller firms are closing their doors, since the price of steel in China has collapsed by 30-40% since June.

In the south of China, more than 50,000 small and medium-sized firms have already declared bankruptcy.

In the Third Quarter, net sales of Volvo trucks dwindled by almost 100%, from 41,970 to a mere 115. New orders for large trucks worldwide declined by 55%.

Now I personally think that 9% growth for the quarter is healthy, but China isn't exactly a runaway train at the moment. And personally I still think there is some unwinding to go. I'm more of a stagflation pundit than a hyperinflation one.